Parliament has today voted to pass the MVR 5.1 billion supplementary budget proposed by the government.
Parliament has today voted to pass the MVR 5.1 billion supplementary budget proposed by the government.
In the vote taken in parliament today, the supplementary vote was passed with 75 votes in favour. Only 11 members voted against.
The supplementary budget was passed by the Budget Review Committee yesterday without bringing any changes to it.
With the supplementary budget, budget deficit now rises to MVR 18 billion. Total budget for the year now rests at MVR 55 billion.
The supplementary budget states that MVR 1.4 billion will be sought through foreign loan assistance. MVR 3 billion is to be sought through the domestic market.
The highest spending from the supplementary budget is to be on PSIP projects. MVR 2 billion is set aside for those. The second highest allocation is for subsidies.
- PSIP: MVR 2 billion
- Subsidy (fuel, staples, electricity, water and sewerage services): MVR 1 billion
- Contingency budget: MVR 650 million
- Student loan: MVR 458 million
- SOEs: MVR 441 million
- NSPA: MVR 263 million
- Medical consumables: MVR 200 millionr
- Salaries: MVR 24 million
Approximately 70 percent of this year's budget was spent on recurrent expenses. With the supplementary budget, recurrent expenses reach MVR 36.4 billion. Capital expenditure or spending on projects will increase from MVR 15 billion to MVR 19 billion.
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